Business Planning Basics Quiz

What is often the first step a business takes when planning?

• Deciding on the business name

• Thinking about what the business will do

• Hiring staff

• Buying equipment

Why is it a good idea to write down your business ideas?

• So you can show them to your friends

• To help you remember and organise your thoughts

• To make your handwriting better

• Because it is required by law

What is the main reason a business might look at who their customers might be?

• To decide what colour to paint the shop

• To make sure they are selling something people want

• To choose a business logo

• To find out where to buy supplies

If you are thinking about selling cakes, what is one basic thing you need to plan for?

• How to make the cakes

• How to build a car

• How to write a song

• How to play football

What does the term 'target market' mean in simple terms?

• The people you want to sell your product to

• The place where you buy ingredients

• The price you charge for your product

• The shop where you sell your goods

Why is it helpful to know what other businesses are selling (your competitors)?

• So you can copy their logo

• To understand what you can do differently or better

• To make friends with them

• To buy their products

What kind of information might you put in a simple plan about your product?

• How it looks, what it does, and how much it costs

• The weather forecast

• Your favourite TV show

• The names of your pets

If you want to sell lemonade, what would be an 'expense' you need to think about?

• The cost of lemons and sugar

• The number of friends you have

• The time of day

• The colour of your shoes

What is 'revenue' in a simple business plan?

• The money you spend

• The money you earn from selling your product

• The number of products you make

• The hours you work

Why is it important to plan how you will tell people about your business?

• So people know your business exists

• So you can keep it a secret

• So you can spend more money

• So you can close early